New York Stock Exchange
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1762 - Sir Francis Baring established and Francis Baring Company in London; 1806 - Alexander Baring (son) joined firm, renamed Baring Brothers & Co., merged with London offices of Hope & Co. (Alexander worked with Henry Hope); February 26, 1995 - collapsed after trader, Nick Leeson, lost $1.4 billion in futures contracts trading.

Sir Francis Baring (http://www.baringarchive.org.uk/images/dynamic/14.jpg)

1789 - Salomon Oppenheim jr. (17) formed commission and exchange house in Bonn, Germany; focused on shipping industry (traded in oil, wine, linen. tobacco, coffee); 1810 - second largest bank in Cologne (equity capital of 250,000 thalers); 1837 - co-founded Rheinische Eisenbahn (Rhine Railway); 1839 - co-founded Colonia Kölnische Feuerversicherung (Colonia Cologne Fire Insurance); 1852 - co-founded Crédit Mobilier in Paris as Europe's first major incorporated bank; 1853 - involved in founding Darmstädter Bank für Handel und Industrie (Darmstadt Trade and Industry Bank); 1856 - involved in founding International Bank in Luxembourg; 1880 - co-founded Kölnische Unfall-Versicherungs-AG (Cologne Accident Insurance Company; merged with Colonia in 1919); 1904 - converted into commercial limited partnership (Kommanditgesellschaft) after bad investments in electrical industry; Disconto-Gesellschaft, Germany's second largest bank, held stake (until 1919); 1938 - Nazi pressure forced name change to Pferdmenges & Co. (partner Robert Pferdmenges) until 1947; 1947 - co-founded Auto Union, now Audi AG.; 1952 - formed Konsortium für Kurssicherung (Consortium for price hedging) with 27 companies from German iron and steel industry; hedged currency risks in export transactions for consortium members; 1970 - numerous insurance companies merged, formed Colonia Versicherung AG (Colonia Insurance Company); Sal. Oppenheim as majority shareholder of second largest German insurance group; 1989 - converted into partnership limited by shares (Kommanditgesellschaft auf Aktien); 1999 - defined core business as asset management, investment banking; largely withdrew from commercial lending activities; 2005 - acquired Frankfurt BHF-Bank AG, became Europe's largest independent private bank; March 2010 - acquired by Deutsche Bank; ceased investment banking operations.

January 11, 1796 - Henri Hentsch established Hy Hentsch & Cie in Geneva, Switzerland, silk-trading and commission business; June 19, 1798 - joined with Jean Gédéon Lombard (second cousin), established Henri Hentsch & Lombard, "commissions operations" (exchange transactions necessitated by multiple currencies in use); 1830 - Jean-Eloi Lombard took over Bank’s internal development; Charles and Albert Hentsch (sons) continued work of their father; Charles Odier, new Partner, managed international financing operations (maritime, river transport and in railway sector); mid-19th century - Alexis Lombard, James Odier took over management of Firm; 1857 - co-founded Geneva Stock Exchange; 1907 - co-founded Swiss National Bank; 1872 - James Odier, Jules Darier-Rey founded "La Genevoise", first local life insurance company; 1914 - Emile Odier, Albert Lombard, Jean Lombard, Edmond Odier managed Firm; 1919 - among first to establish pension fund for employees; 1951 - Marcel Odier expanded, first private bank to set up outside Switzerland (in Montreal); 1979 - first European bank to own seat on New York Stock Exchange; 2002 - renamed Lombard Odier Darier Hentsch & Cie; 2010 - seventh generation of Hentsch family; active in nearly 20 countries with about 1,900 employees; Geneva's oldest firm of private bankers, one of largest in Switzerland and Europe.

1798 - Moses Marcus and Gerson opened Warburg bank in Hamburg (M.M.Warburg & Co), laid foundations for banking dynasty; 1934 - Siegmund Warburg fled oppression of Nazi regime, settled in London; 1946 - founded, built S.G. Warburg; 1994 - acquired by Swiss Bank Corporation (SBC), renamed SBC Warburg - A Division of Swiss Bank Corporation".

1800 - Irish merchant Alexander Brown established business in Baltimore, MD; imported Irish linen, exported cotton, tobacco to Britain; 1810 - William Brown (oldest son of Alexander Brown) established import/export business in Liverpool, under the name William Brown & Co.; 1818 - Son of Alexander Brown opened Philadelphia office of Liverpool merchant bank, Brown Brothers & Co.; 1825 - Joseph Shipley joined to finance merchants shipping goods between Britain, United States, many other parts of Europe, the Americas; pioneered payment through 'Letters of Credit'; 1837 - name changed to Brown Shipley & Co.; 1863 - London office opened, business focused largely on Acceptance Credits, foreign exchange business, deposit banking; 1918 - partnership between Brown Shipley and its American partners, Brown Brothers & Co., ended, although each continues to act as agents for the other; firm built substantial business in the wool, timber, fur trades; 1946 - made transition to incorporation as limited company; January 1, 1931 - W. A. Harriman & Co. merged with Brown Brothers; Prescott Bush - Managing Partner; 1957 - leading member of Acceptance Houses Association, prominent role in London Money Market; developed 'Investment Advisory Service'; 1992 - acquired by European bank KBL European Private Bankers; 2005 - owned directly by new KBC Group NV, one of Europe's largest financial companies.

October 17, 1890 - Ludwig Hirschhorn established Hirschhorn & Grun established in Zurich, Switzerland; 1896 - Julius Bear (nee Bar) joined firm; dissolved, renamed Hirschhorn, Ulm & Baer; April 23, 1901 - assets/liabilities acquierd by Julius Baer & Co., limited partnership (after death of Hirschhorn); May 1, 1901 - firm became member of Zurich Stock Exchange; March 17, 1918 - published first issue of "Wochenbericht" (research report for banks; discontinued December 2005); January 1, 1934 - Walter J. Baer one of founding members of Swiss Private Bankers Association; November 27, 1940 - established Baer Custodian Corporation in New York; December 10, 1965 - established Julius Baer Foundation; March 10, 1970 - launched Baerbond (its first Swiss investment fund); November 27, 1974 - established Julius Baer & Co.  (Holding) Ltd.; Julius Baer & Co. assets transferred to Bank Julius Baer & Co. Ltd.; April 15, 1980 - Baer Hiolding Ltd. went public; February 4, 1983 - established Julius Baer Investment Management Inc. (licensed by SEC on April 13, 1983); April 2, 1984 - opened branch in New York (under Federal Charter from International Banking Act); February 12, 1986 - acquired 51% of Societe Bancaire in Geneva (completed in 1997); 1996 - renamed Julius Baer Holding Ltd., instituted division-based management structure; October 10, 2003 - withdrew from institutional brokerage business, focused on asset management.

1963 - Lewis B. Cullman did first LBO: $62.4 million purchase of Orkin Exterminating With a $1,000 investment.

1970s - "bootstrap" deals; 1980's - leveraged buyouts; 1990s -private equity".

1985 - Peter G. Peterson (former Lehman Brothers senior partner), Stephen Schwarzman  founded Blackstone Group with $400,00 in capital; June 21, 2007 - went public; biggest offering since Google (2004).

September 23, 1998 - 16 major financial institutions, investors in and lenders to Long Term Capital Management (LTCM)  met at New York Federal Reserve Bank to determine capital contributions required bail LTCM out - about $$3.5 billion in return for substantially diluting existing shareholders' stake in LTCM. Control of the firm passed from the current management to a committee determined from the outside by the new investors.

January 25, 2008 - World Economic Forum results of a yearlong study of 5,000 private equity transactions (randomly chosen) from 1980 through 2005 to determine whether buyouts create jobs or result in more layoffs (Economic Impact of Private Equity): 1)  private equity does not create more jobs, but cut, on average, only about 1% more jobs than peers, 2) two years before buyout, a company cuts, on average, 4% more of its work force compared with peers (possibly because preparing for sale), 3) acquired companies, on average, cut 7% of work force over 2 years, but at same time, added jobs (usually new positions in new locations) at pace of about 6%, resulting in a net loss of 1%, 4) by 4th, 5th years of private equity ownership, growth of  company’s work force became similar to its public peers, 5) 6% of all buyouts eventually end in bankruptcy filing, slightly higher than average for public companies (buyout companies defaulted at half rate compared with public companies with similar junk debt ratings), 6) public-to-private transactions reflected only 6.7% of total number of buyouts since 1980 (28% of firms acquired, measured in terms of dollar value). The study did not look at new or lost jobs abroad, did not examine what would have happened to employment had  buyouts not occurred.

Results contrasted with study commissioned by Private Equity Council (lobby group) of 42 large companies (selected by buyout groups) acquired by 8 private equity firms from 2002 to 2005 (World Economic Forum data did not look at deals from 2003 to 2005); results showed that employment grew 8.4% at  acquired companies.

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September 2008 - Private equity deals decline

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